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DeKalb Times

Sunday, November 24, 2024

Former state university employee Chisamore paid in $94K to pension fund, could collect $1.56M in retirement

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Former state university employee Jerry Chisamore, who retired in July 2017, saved $93,802 toward a pension over 16 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Chisamore would collect as much as $1.56 million, according to a projection by Local Government Information Services (LGIS), which publishes DeKalb Times.

The projection assumes Chisamore received $32,845 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 3 years of retirement, Chisamore will have already received $101,520 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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